US-based gunshot detection technology provider ShotSpotter has filed to raise $34.5m in an initial public offering on Nadsaq that will provide an exit to communications equipment maker Motorola Solutions.
Founded in 2004, ShotSpotter has built a software platform called ShotSpotter Flex that detects gunshots and alerts law enforcement officials accordingly. It made a $6.9m net loss in 2016 from $15.5m in revenue.
The company has raised just over $37m in funding, according to regulatory filings, including a $12m round featuring Motorola Solutions’ strategic investment arm, Motorola Solutions Venture Capital, in 2012.
Motorola Solutions owns a 15.6% share of ShotSpotter, whose largest shareholder is Lauder Partners, which holds a 37.4% stake. Other notable investors in the company include Claremont Creek Ventures (11.3%), RT Groos (10%) and Labrador Ventures (6.1%).
Roth Capital Partners, Northland Capital Markets and Imperial Capital have been appointed underwriters for the offering.